BUSINESS DIGEST

Published: April 13, 1992

The Economy

The share of America's work force covered by pensions is shrinking, reversing a decades-old trend of steady growth. Last year, 43 percent of workers participated in company pension plans, down from a peak of 49 percent in 1979. [ Page A1. ]

With today's renewed interest in executive compensation, a contest was organized last week to see who could best understand some proxy statements sent to the S.E.C. [ D1. ]

The chairman of Caterpillar winced when asked if the bitter dispute with 12,000 striking members of the U.A.W. is likely to have sweeping consequences for labor-management relations. [ B8. ] Companies

T.W.A. defiantly counterattacked its larger competitors, cutting its fares below the range of lower fares they announced last week, in order to remain 35 to 40 percent cheaper than its rivals. [ D1. ]

Olympia & York will meet today with more than 100 banks to try to sort out its troubles, And the man it hired a few weeks ago to help it, Thomas S. Johnson, former president of Manufacturers Hanover, will not be there. He resigned yesterday. [ D1. ] Heron International, one of Britain's largest private companies, is doing its best to counter fears that it is collapsing. [ D10. ]

Clearer is better, Pepsi-Cola is betting, as it introduces its Crystal Pepsi today. [ D1. ]

Disney opened its European theme park, unruffled by muttering about cultural colonialism from French intellectuals. [ A1. ] International

The tensions between the U.S. and Western Europe over who should take the lead in rebuilding the former Soviet states reappeared as Treasury Secretary Brady complained that the European Bank for Reconstruction and Development was going beyond its mandate. [ A12. ] The Russian Government's moves to slacken its tough reforms, and hints by free-market advocates that they might resign, could delay the flow of aid to Russia, economists say. [ A12. ]

Mitsubishi surprised many people when it chose Minoru Makihara as its new head. [ D1. ]

The former commercial banker who heads the World Bank has brought corporate American management practices to the international lending agency. He has forgone his predecessors' role in setting economic development priorities around the globe. [ D2. ] The Media Business

Time will introduce today its most radical redesign since it began publication 69 years ago. [ D1. ]

The three big broadcast networks finally have some evidence, after 15 years of steady erosion, that they may not be in a permanent plunge. Bill Carter: Television. [ D7. ]

The British press has one surprising success story: Saturday, when more copies are selling than on weekdays. [ D7. ]

Many immigrants turn to special ethnic Yellow Pages for help in finding their way. [ D7. ]

One of advertising's most powerful clients assessed the creativity and effectiveness, or lack thereof, of the campaigns for which he spends $800 million a year. Stuart Elliott: Advertising. [ D8. ] Today's Columns